Investor Presentation

€ Scotiabank - Scotia Capital – improving results net income, $ millions 138 221 203 Lower provisions - down $153 million vs. Q1/03 Continued reduction in U.S. lending Stronger results - - improved funding spreads ScotiaMocatta - near record strength in foreign exchange and securities trading Expenses well controlled Q1/03 Q4/03 Q1/04 23 Scotiabank Risk Review Warren Walker Executive Vice-President Global Credit Risk Management 24

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